How Banking Automation is Transforming Financial Services Hitachi Solutions

SEB is currently working with software company IPsoft to get a cognitive agent called Amelia to act as a front-end customer service agent. Like most industries, financial institutions are turning to automation to speed up their processes, improve customer experiences, and boost their productivity. Before embarking with your automation strategy, identify which banking processes to automate to achieve the best business outcomes for a higher return on investment (ROI). Functions like order-to-cash, procure-to-pay, record-to-report, financial planning, and accounting (FP&A), and finance operations hold a very critical position for any BFSI. RPA has been facilitating banks to increase operational efficiency, enhance customer experience, strengthen governance, foster innovation, and empower human capital.

Soaring consumer expectations, a strict regulatory environment, and unrelenting competition have forced banks to change the way they operate. Enter the world of automation in banking, a dynamic shift that is changing the financial industry. Automation has emerged as the catalyst for transformation, driving changes in everything from managing organizational dynamics to reducing economic risks. Blanc Labs helps banks, credit unions, and Fintechs automate their processes.

Better customer experience:

Traditional banks can take a page out of digital-only banks’ playbook by leveraging banking automation technology to tailor their products and services to meet each individual customer’s needs. Automation of finance processes, such as reconciliation, is a common way to improve efficiency in the finance industry. This process can be complex and prone to human error when managed manually. For these reasons, many financial institutions have been investing in Robotic Process Automation (RPA) to reduce costs and improve compliance.

These processes can range from routine tasks to complex financial operations. The banking automation process increases efficiency, accuracy, and speed in carrying out tasks while automation in banking sector reducing the need for manual processes. Automated chatbots and customer support systems provide instant assistance, making banking services more accessible to customers 24/7.

Automation Without Integration

Automation creates an environment where you can place customers as your top priority. Without any human intervention, the data is processed effortlessly by not risking any mishandling. The ultimate aim of any banking organization is to build a trustable relationship with the customers by providing them with service diligently. Customers tend to demand the processes be done profoundly and as quickly as possible. They also invest their trust in your organization with their pieces of information. Lenders rely on banking automation to increase efficiency throughout the process, including loan origination and task assignment.

This data-driven approach aids in risk assessment, fraud detection, and the identification of market trends and opportunities. Banks can employ these insights to make more informed, strategic decisions, whether it’s optimizing product offerings, expanding into new markets, or managing investment portfolios. In this way, automation becomes a cornerstone of proactive, agile decision-making in the financial sector. The financial sector has always been an attractive target for cyberattacks and fraudulent activities. Automation in banking strengthens security measures by implementing advanced authentication methods, robust encryption, and AI-driven monitoring systems. Automation acts as a sturdy shield against potential threats, identifying unusual patterns and anomalies in real-time.

High Return on Investment

Employees feel empowered with zero coding when they can generate simple workflows which are intuitive and seamless. Banking processes are made easier to assess and track with a sense of clarity with the help of streamlined workflows. Cflow is also one of the top software that enables integration with more than 1000 important business tools and aids in managing all the tasks.